business news
Historic rainfall in St. Louis leaves cars stranded on flooded streets and residents fleeing homes
John Ward, left, and a firefighter help Lynn Hartke wade through the flash floodwater on Hermitage Avenue in St. Louis on Tuesday, July 26, 2022. David Carson | St. Louis Post-Dispatch | AP St. Louis, Missouri, experienced historic rainfall Tuesday when a storm dumped more than 8 inches of rain, leading to widespread flash flooding […]
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Main Street lands record $154 billion in federal contracts, but fewer small businesses benefit
The federal government awarded $154.2 billion to small businesses in fiscal year 2021, an $8 billion increase from the previous fiscal year, according to data from the Small Business Administration released Tuesday. That’s a record 27.2% of total federal contracting funds, exceeding the government’s goal of 23%. “We are excited to see that more dollars […]
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How U.S. gun manufacturers market their firearms despite restrictions
On Wed., July 27, the House Committee on Oversight and Reform is holding a hearing with the CEOs of firearm manufacturers Daniel Defense, Smith & Wesson and Sturm, Ruger & Co. on the topic of gun violence in America, with a special focus on the sales and marketing of assault rifles. The hearing comes amid […]
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You can change your Instagram feed so it looks less like TikTok and only shows posts from your friends. Here’s how
Facebook launches his new feature ”Reels” on Instagram in 50 countries around the world. Lorenzo Di Cola | NurPhoto | Getty Images Instagram is catching heat for copying rival TikTok. On Monday, Kylie Jenner and Kim Kardashian both posted stories that read: “Make Instagram Instagram Again. Strop trying to be tiktok I just want to […]
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Costco is well positioned for inflation and shifts in consumer spending, Jefferies says
Costco is one of the best bets for investors to navigate a turbulent period for consumer stocks, according to Jefferies. Retail stocks were under pressure on Tuesday morning after Walmart lowered its guidance , saying that inflation was changing consumer spending and forcing the company to lower prices to move some items, such as apparel. […]
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Coca-Cola’s earnings top expectations as sales volume recovers from pandemic
A woman is drinking Coca-Cola near Playacar Beach in Playa del Carmen, Mexico. Artur Widak | NurPhoto | Getty Images Coca-Cola on Tuesday reported quarterly earnings that topped expectations as the beverage giant’s sales at restaurants, theaters and other venues recovered from the pandemic. Here’s what the company reported, versus what Wall Street analysts surveyed […]
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Home price growth slowed for the second straight month in May, S&P Case-Shiller says
New homes under construction in Tucson, Arizona. Rebecca Noble | Bloomberg | Getty Images Home prices in May were 19.7% higher compared with the same month last year, according to the S&P CoreLogic Case-Shiller National Home Price Index. This marks the second month of slower increases, as the housing market cools due to higher mortgage […]
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Shopify stock sinks 15% after company says it will lay off 10% of workers
An employee works at Shopify’s headquarters in Ottawa, Ontario, Canada. Chris Wattie | Reuters Shopify is laying off roughly 1,000 workers, or around 10% of its global workforce, the company announced Tuesday. Shares of Shopify sank more than 15% in early trading following the announcement. In a memo to staff, CEO Tobi Lutke acknowledged he […]
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IMF slashes global GDP forecast as economic outlook grows ‘gloomy and more uncertain’
The International Monetary Fund on Tuesday cut its global growth projections for 2022 and 2023, dubbing the world’s economic outlook “gloomy and more uncertain.” The IMF now expects the world economy to grow 3.2% this year, before slowing further to a 2.9% GDP rate in 2023. The revisions mark a downgrade of 0.4 and 0.7 […]
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Makeup company Glossier to sell its products at Sephora as new CEO pushes to expand reach
Glossier makeup bottles John Sciulli | Getty Makeup company Glossier announced Tuesday that customers will be able to find its popular “Boy Brow” and “Cloud Paint” products at Sephora stores starting next year as it pushes to expand its reach. The move marks Glossier’s first retail partnership and comes after founder Emily Weiss stepped down […]
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